Lotto Sport parent holding declares bankruptcy

Italy
Published:  23 November, 2018

The Italian sportswear manufacturer says the brand is not impacted by the bankruptcy of parent holding, Future 5760, but has described the situation as “wrong” and “unjust”.

The Court of Treviso, Italy, has declared the bankruptcy of Futura 5760, a parent company of the Lotto Sport brand. Allegedly, there has been divergence of interests among the shareholders since former Board Member and Vice-President, Gianni Lorenzato, left the Company. Creditors have 30 days to appeal.

"Futura's failure sentence is totally unfounded, wrong and unjust both with regards to the assumptions on which it is based, and because of the jaw-dropping conclusions. I have immediately actioned my attorneys, who are assisting me to appeal to the decision”, said Andrea Tomat, President and CEO, Lotto Sport Italia, in a statement adding that “there is no foreseen impact for Lotto, its activities and its employees.”

According to local press, the request for bankruptcy was requested by Gianni Lorenzato, who had long been in a situation of divergence with Tomat, who is also a partner of Futura.

Sources: Pambianco News/MFFashion

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